Pursuant to Reg 32 of SEBI (LODR) Regulations, 2015 read with Reg 82 of SEBI (ICDR) Regulations, 2018, enclosed herewith Monitoring Agency Report issued by CARE Ratings Limited, towards ....
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Shiva Cement Limited, a subsidiary/promoted entity of JSW Cement Limited, submitted the Monitoring Agency Report from CARE Ratings for the quarter ended March 31, 2025, covering its Rs. 400 crore Rights Issue conducted in April–May 2024. The proceeds were earmarked for two purposes: Rs. 316.59 crore for repayment/prepayment of borrowings (fully utilized) and Rs. 75 crore for General Corporate Purposes (GCP), later revised to Rs. 75.43 crore after Rs. 2.02 crore of unspent issue expenses were redirected to GCP. During Q4FY25, the company utilized Rs. 30.43 crore towards GCP, completing the full deployment of Rs. 392.02 crore from the issue. CARE Ratings confirmed nil deviation from stated objects, no delays in implementation, and no material changes in the means of finance.
The full and timely deployment of Rights Issue proceeds with zero deviation signals strong fund-management discipline and should be viewed positively by shareholders, reducing concerns about misuse of raised capital. With borrowings already repaid and GCP funds fully deployed, the equity dilution from the Rights Issue has translated into cleaner balance sheet metrics, potentially supportive of the stock.